Construction Equipment Rental Market Size - By Product, By Earthmoving & Road Building Equipment, By Material Handling & Cranes, By Concrete Equipment, Growth Forecast 2025 – 2034

Construction Equipment Rental Market Size

The global construction equipment rental market was valued at USD 147.4 billion in 2024 and is estimated to register a CAGR of 6.2% between 2025 and 2034. High purchasing costs for construction machines are driving contractors worldwide to prefer equipment rental and hiring services. With the high prices of machines such earth-moving equipment, roadbuilding, and material-handling equipment, contractors find rentals more cost-effective and convenient. Additionally, training sessions for equipment operators improve workplace safety. Companies such as United Rentals, Boels, Ashtead, and Caterpillar offer these programs, encouraging contractors to choose rentals.
 

Rising labor wages and a shortage of laborers in countries such as the U.S. and Germany are increasing machine costs. Manufacturers are raising prices to maintain profits. New technologies in construction machines, such as automated handling, driving assistance, telematics, and navigation, make one-time investments in advanced machinery unaffordable for private construction firms. As a result, these firms prefer renting machines to save money and allocate funds to other essential tasks. In the U.S., average construction labor wages have increased by 3.3% annually in recent years, adding to the overall cost of machinery ownership. Manufacturers are responding by raising prices to maintain profitability, further pushing contractors to consider rental options.
 

Construction Equipment Rental Market Trends

The demand for construction equipment rental with advanced technologies is increasing across the globe due to the advantages offered such as enhanced performance and fast operations. Leading rental companies are trying to incorporate the latest advanced technologies in machines to enhance performance and increase operational safety. Telematics incorporated these systems to enable remote communication with the vehicles combining informatics and telecommunication. Incorporating this technology in the equipment enables machine tracking using a combination of cloud computing, GPRS networks, GPS receivers, and GPS satellites.

Companies are focusing on providing certified online and onsite training courses for workers to operate machines with telematics and proximity sensors. This ensures their safety while working at heights. Stringent government rules are making companies focus on manufacturing and renting machines to comply with safety standards and regulations. The technology of virtual reality and platform simulators is gaining momentum for mobile elevating work platforms.

Rental service providers are entering into partnerships & collaborations with telematics service providers to establish telematics network in their rental equipment fleet. For instance, In March 2024, Hitachi Construction Machinery Europe (HCME) has partnered with ShareMat to enhance fleet management for construction equipment in France. This collaboration integrated HCME's telematics-equipped machinery with ShareMat's fleet management platform. The system delivers real-time operational data, improving accuracy and efficiency. Key features include customized solutions for customers, seamless API integration, and technical support from both companies. This initiative aims to elevate equipment performance and management for diverse construction needs.

The construction equipment rental industry is cyclic in nature and a decrease in construction or industrial activities could adversely affect the revenues and operating results of several rental companies by decreasing the demand for the equipment or rental rates or prices. Its revenues are closely tied to general economic conditions and to conditions in the non-residential construction industry. The equipment is primarily used in non-residential construction, oil & gas and end markets and to a lesser extent, in industrial activities and residential construction end markets. These are cyclical businesses that are sensitive to changes in general economic conditions.

Construction Equipment Rental Market Analysis

In 2024, the backhoes segment held a market share of over 50% and is expected to cross USD 76.3 billion by 2034.  Major factors contributing to the market growth include rapid growth in road-building projects and the development of public infrastructure by government authorities. The mechanization of infrastructure building activities to achieve fine quality is creating a demand for earthmoving & road building equipment rental services. Excavators are expected to witness high growth in the earthmoving and road building equipment segment. Increasing construction activities in the residential sector are providing growth opportunities for excavators in the market.
 

Based on material handling and cranes, the market is categorized into storage & handling equipment, engineered systems, industrial trucks, and bulk material handling equipment. The bulk material handling equipment segment held a market share of 45% in 2024. The rising importance of bulk-material handling equipment for speedy completion of large infrastructure projects is augmenting the equipment demand in the market. The growing market trend of constructing large commercial establishments and skyscrapers will promote the use of material handling construction equipment rental services in the industry.

The rising demand for advanced technologies, such as big data analytics and IoT, in logistics to manage operational requirements is changing the way several businesses handle their operations. Equipment, such as conveyors, robots, and storage equipment, is increasingly being used in manufacturing facilities for the efficient management of the materials. The rising manufacturing activities in the food & beverage, chemical, pharmaceutical, and automotive industries are anticipated to spur the demand for material handling equipment and crane rentals.
 

North America dominated the global construction equipment rental market with a major share of over 35% in 2024 and U.S. leads the market in the region. Increasing construction activities due to the rising demand for travel & tourism in Canada will further accelerate the construction equipment rental market in the region. The presence of prominent players in the U.S. including Ahern Rentals, Herc Rentals, and Ashtead Group will drive the demand for the adoption of equipment rental services in the region.
 

The rapid increase in construction activities in countries including the UK, Germany, and France will accelerate the demand for construction equipment rental services in the region. The widespread proliferation of recycling activities and government initiatives in Europe are contributing to market growth. Consistent growth in mining operations and urbanization across the region are contributing to market demand. The presence of prominent players such as Loxam Group, Mediaco Group, and Boels Rentals will proliferate the demand for construction equipment rental services in the region. These players majorly focusing on adopting technologically upgraded equipment to cater to the changing demand.
 

Road construction & refurbishment activities in Asian countries including China and India are increasing rapidly. The Chinese and Indian governments are investing hugely in infrastructure development activities such as the construction of highways & railways in the region. The rapid growth in the travel and tourism sector in countries including India and Japan will augment the construction equipment rental market during the forecast timeline. The Asia Pacific construction market will witness steady growth over the coming years owing to continuous upgrades and growth in telecommunication infrastructure development activities in the region. The rapidly expanding telecom network is anticipated to drive the crane rental demand during the forecast timeframe.
 

Construction Equipment Rental Market Share

Ashtead Group, United Rentals, Inc., Aktio Corporation, H&E Equipment Services, Herc Holdings, Inc. (Herc Rentals, Inc.), Loxam Group, Kanamoto Co. Ltd., and Kiloutou SAS. hold a significant market share of over 19% in the construction equipment rental market. The united rentals company serves three primary end markets for equipment rental: commercial construction, residential construction, industrial and other non-construction sectors. The company has a strong presence in North America with over 1,278 rental locations in the U.S. and in Canada, 11 in Europe, 28 in Australia, and 18 in New Zealand.
 

Herc Holdings, Inc. operates in the U.S. under its brand, Herc Rentals. Herc Rentals Inc., an equipment rental firm serves a range of customer markets including industrial customers such as manufacturing plants, construction companies, refineries & petrochemical operations, government contractors, government entities utility operators, entertainment production companies, railroads, and infrastructure & facility management firms.
 

Construction Equipment Rental Market Companies

Major players operating in the construction equipment rental industry include:

• Aktio
• Ashtead
• Boels Rental
• Briggs Equipment
• Caterpillar
• H&E Equipment Services
• Herc Holdings (Herc Rentals)
• Kanamoto
• Kiloutou SAS
• Loxam
• United Rentals
   

Construction Equipment Rental Industry News

• In March 2024, United Rentals has finalized its acquisition of Yak Access for $1.1 billion. Yak Access, a leader in the North American matting industry, provides surface protection solutions, primarily serving utility and midstream sectors. The acquisition, funded through a mix of senior unsecured notes and existing resources, is expected to enhance United Rentals' offerings and growth potential. The company plans to update its 2024 financial outlook to reflect the integration.
   
• In June 2024, Herc Rentals has acquired Durante Rentals, a leading equipment rental company with 12 locations across New York, New Jersey, and Connecticut. This acquisition aims to expand Herc’s presence in the Northeast U.S. and strengthen its ability to serve customers in the construction and industrial sectors. The integration of Durante Rentals will enhance Herc Rentals' service offerings and regional reach.
   

This construction equipment rental market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and volume (Units) from 2021 to 2034, for the following segments:

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Market, By Product

• Earthmoving & road building equipment
• Material handling & cranes
• Concrete equipment

Market, By Earthmoving & Road Building Equipment

• Backhoes
• Excavators
• Loaders
• Compaction equipment
• Others

Market, By Material Handling and Cranes

• Storage & handling equipment
• Engineered systems
• Industrial trucks
• Bulk material handling equipment

Market, By Concrete Equipment

• Concrete pumps
• Crushers
• Transit mixers
• Asphalt pavers
• Batching plants

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia